ArcelorMittal to establish steel plant in Karnataka, India

Published: 01-Feb-2010

ArcelorMittal will construct a plant with a capacity to produce six million metric tons of steel in the south Indian state of Karnataka.

The company plans to invest INR300 billion ($6.5 billion) in the plant, which will be built at Torangal. It has led the consolidation of the world steel industry and today ranks as the only truly global steelmaker. ArcelorMittal is into all major global markets, including automotive, construction, household appliances and packaging.

ArcelorMittal key financials for 2008 show revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10% of world steel output.

The company's industrial presence in Europe, Asia, Africa and America gives the group exposure to all the key steel markets, from emerging to mature. ArcelorMittal will be looking to develop positions in the high-growth Chinese and Indian markets.

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